Bank of Korea Launches Offshore Won Settlement System, Targets September Pilot With 4 Banks

According to the Bank of Korea on July 21, the central bank unveiled the formal name of its offshore won settlement system as 'Bank of Korea International Payment Network' and is building it to launch pilot operations by September. Four commercial banks—KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank—are set to participate in the pilot, with testing currently underway.

The system will operate 24 hours on business days (9 a.m. to 9 a.m. the next day), excluding weekends and holidays. The initiative aims to improve foreign investors' access to won settlement infrastructure and is expected to enhance convenience for foreign investors to settle won across time zones.